MARMAX: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
MARMAX
Largest movements
- Current investments +€66,492
up €66,492 (+19.3%), from €343,664 to €410,156
- Tangible fixed assets +€18,925
up €18,925 (+6.4%), from €297,595 to €316,520
of which Furniture and vehicles: +€43,747
- Receivables within one year +€14,620
up €14,620 (+36.0%), from €40,658 to €55,278
of which Other amounts receivable: +€15,378
- Reserves +€116,434
up €116,434 (+32.2%), from €361,758 to €478,192
of which Distributable reserves: +€116,434
- Other debts +€25,624
up €25,624 (+21.2%), from €121,015 to €146,639
- Trade debts -€23,644
down €23,644 (-49.1%), from €48,165 to €24,521
- Tax, wage and social debts -€22,734
down €22,734 (-35.7%), from €63,731 to €40,997
of which Taxes: -€31,038
- Gross operating margin +€100,264
up €100,264 (+19.3%), from €520,434 to €620,699
- Staff costs +€44,026
up €44,026 (+22.3%), from €197,030 to €241,056
- Taxes +€14,951
up €14,951 (+19.4%), from €77,009 to €91,960
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €872,203 | €978,115 | +€105,912 | +12.1% |
| Fixed assets | 21/28 | €302,095 | €321,020 | +€18,925 | +6.3% |
| Tangible fixed assets | 22/27 | €297,595 | €316,520 | +€18,925 | +6.4% |
| Land and buildings | 22 | €227,458 | €210,441 | -€17,017 | -7.5% |
| Plant, machinery and equipment | 23 | €11,892 | €8,060 | -€3,832 | -32.2% |
| Furniture and vehicles | 24 | €43,178 | €86,925 | +€43,747 | +101% |
| Other tangible fixed assets | 26 | €15,067 | €11,094 | -€3,974 | -26.4% |
| Financial fixed assets | 28 | €4,500 | €4,500 | = | 0.0% |
| Current assets | 29/58 | €570,108 | €657,095 | +€86,987 | +15.3% |
| Stocks and contracts in progress | 3 | €6,933 | €3,763 | -€3,171 | -45.7% |
| Stocks | 30/36 | €6,933 | €3,763 | -€3,171 | -45.7% |
| Amounts receivable within one year | 40/41 | €40,658 | €55,278 | +€14,620 | +36.0% |
| Trade receivables | 40 | €15,112 | €14,354 | -€758 | -5.0% |
| Other amounts receivable | 41 | €25,547 | €40,924 | +€15,378 | +60.2% |
| Current investments | 50/53 | €343,664 | €410,156 | +€66,492 | +19.3% |
| Cash at bank and in hand | 54/58 | €176,096 | €182,673 | +€6,577 | +3.7% |
| Deferred charges and accrued income | 490/1 | €2,757 | €5,225 | +€2,469 | +89.6% |
| Total equity and liabilities | 10/49 | €872,203 | €978,115 | +€105,912 | +12.1% |
| Equity | 10/15 | €386,758 | €503,192 | +€116,434 | +30.1% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €361,758 | €478,192 | +€116,434 | +32.2% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €359,258 | €475,692 | +€116,434 | +32.4% |
| Amounts payable | 17/49 | €485,445 | €474,922 | -€10,523 | -2.2% |
| Amounts payable after more than one year | 17 | €228,616 | €232,027 | +€3,411 | +1.5% |
| Financial debts | 170/4 | €228,616 | €232,027 | +€3,411 | +1.5% |
| Amounts payable within one year | 42/48 | €256,429 | €242,496 | -€13,933 | -5.4% |
| Current portion of amounts payable after more than one year | 42 | €23,518 | €30,339 | +€6,821 | +29.0% |
| Trade debts | 44 | €48,165 | €24,521 | -€23,644 | -49.1% |
| Suppliers | 440/4 | €48,165 | €24,521 | -€23,644 | -49.1% |
| Taxes, remuneration and social security | 45 | €63,731 | €40,997 | -€22,734 | -35.7% |
| Taxes | 450/3 | €41,679 | €10,642 | -€31,038 | -74.5% |
| Remuneration and social security | 454/9 | €22,052 | €30,355 | +€8,303 | +37.7% |
| Other amounts payable | 47/48 | €121,015 | €146,639 | +€25,624 | +21.2% |
| Accrued charges and deferred income | 492/3 | €400 | €400 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | €12,785 | +€12,785 | +127,851,100% |
| Remuneration, social security and pensions | 62 | €197,030 | €241,056 | +€44,026 | +22.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,504 | €45,513 | +€6,009 | +15.2% |
| Other operating charges | 640/8 | €10,127 | €10,343 | +€216 | +2.1% |
| Non-recurring operating charges | 66A | - | €12,998 | +€12,998 | |
| Gross operating margin | 9900 | €520,434 | €620,699 | +€100,264 | +19.3% |
| Operating profit (loss) | 9901 | €273,774 | €310,789 | +€37,015 | +13.5% |
| Financial income | 75/76B | €8,603 | €10,976 | +€2,374 | +27.6% |
| Recurring financial income | 75 | €8,603 | €10,976 | +€2,374 | +27.6% |
| Financial charges | 65/66B | €13,907 | €17,971 | +€4,063 | +29.2% |
| Recurring financial charges | 65 | €13,907 | €17,971 | +€4,063 | +29.2% |
| Profit (loss) for the period before taxes | 9903 | €268,469 | €303,795 | +€35,326 | +13.2% |
| Income taxes | 67/77 | €77,009 | €91,960 | +€14,951 | +19.4% |
| Profit (loss) for the period | 9904 | €191,460 | €211,834 | +€20,374 | +10.6% |
| Profit (loss) for the period to be appropriated | 9905 | €191,460 | €211,834 | +€20,374 | +10.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.